Latin America Ammonium Nitrate Market Report and Forecast 2024-2032

Latin America Ammonium Nitrate Market Report and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the Latin America ammonium nitrate market is projected to grow at a CAGR of 3.70% between 2024 and 2032. Aided by the widespread use in agriculture as a high-nitrogen fertiliser and its applications in various industries, the market is expected to grow significantly by 2032.

Ammonium nitrate, a chemical compound that is chiefly used as a source of nitrogen in fertilisers, is crucial for the agriculture sector due to its high nutrient content and solubility. This chemical is vital for plant growth and enhances crop yields. Besides agriculture, ammonium nitrate also finds its usage in the explosives industry, primarily for mining, quarrying, and civil construction because of its property to rapidly decompose.

A key driver of the Latin America ammonium nitrate market growth is the vast agricultural industry of the region. Countries such as Brazil, Argentina, and Mexico have vast tracts of arable land producing a myriad of crops ranging from soybeans to sugarcane. The increased emphasis on improving crop yields to cater to both domestic consumption and exports has augmented the demand for fertilisers, especially those containing ammonium nitrate.

Furthermore, the modernisation and expansion of the mining sector in countries such as Chile and Peru are spurring the Latin America ammonium nitrate market demand. As these countries delve deeper into their rich mineral reserves, the demand for explosives, which use ammonium nitrate as a primary ingredient, is set to rise.

On the industrial front, Latin America, driven by its infrastructural development goals, is witnessing an upsurge in construction activities. This has bolstered the Latin America ammonium nitrate market demand as ammonium nitrate-based explosives are extensively used in creating tunnels, roads, and other civil constructions.

The Latin America ammonium nitrate market, backed by its strong agricultural roots and burgeoning industrial sectors, promises sustained growth. While it must navigate through regulatory and environmental challenges, continuous innovation and the irreplaceable role of ammonium nitrate in various sectors underline its importance and potential in the years to come.

Market Segmentation

The market can be divided based on form, application, and country.

Market Breakup by Form

• Granular
• Powder

Market Breakup by Application

• Fertilisers
• Explosives
• Others

Market Breakup by Country

• Brazil
• Argentina
• Mexico
• Peru
• Others

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the Latin America ammonium nitrate market. Some of the major players explored in the report by Expert Market Research are as follows:

• ArrMaz Products, Inc. (Arkema)
• CF Industries Holdings, Inc.
• Vale Fertilizantes
• ENAEX S.A
• Yara International ASA
• EuroChem Group
• Dyno Nobel (Incitec Pivot)
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.